The earliest lotteries were created as long ago as the 15th century, making them one of the oldest forms of organized gambling.
They were first created as part of efforts to raise funds to help the poor. Today, lotteries have evolved into a global phenomenon that makes overnight millionaires.
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Lottery games don’t require much expertise, meaning that with a large enough slice of luck, just about anyone can emerge victorious.
Aside from the traditional forms of lottery games such as national and online lotteries, digital bookmakers and gaming websites have now created cryptocurrency-based offerings as well.
The use of Bitcoin and other cryptocurrencies in lotteries comes with many benefits, including offering faster, more secure and anonymous transactions for players. Additionally, using Bitcoin for your gaming adventures is the fastest way to potentially increase your portfolio and take advantage of any future price rallies.
What is a Bitcoin Lottery?
The lottery is a game of chance that involves drawing numbers randomly with winning combinations earning predetermined prizes. Players choose their numbers and purchase tickets that offer them the chance to win. The more tickets a participant buys, the higher the odds of winning become.
Bitcoin lotteries are similar to their traditional counterparts. The main difference being that BTC lottery games are usually conducted online with Bitcoin or another cryptocurrency as the base currency. In contrast, traditional lotteries typically require participants to purchase physical tickets with fiat currency.
In other words, Bitcoin lotteries require that you log on to the platform that offers the service and purchase an online ticket. As with traditional lotteries, you choose a set of numbers from a pool that usually ranges from 1 - 50.
The system then randomly selects six numbers from the pool of 1 - 50 and a grand prize winner or winners will emerge if anyone has chosen the exact same number combination that was selected by the system.
Because tickets are bought in Bitcoin or cryptocurrency, the prizes are also paid out in this way.
How A Bitcoin Lottery Works
Players purchase lottery tickets on supported Bitcoin lottery platforms using BTC.
After purchasing a ticket, you will be asked to select six numbers ranging from 1 - 50 before the lottery draw begins.
The platform then automatically selects six numbers from 1 - 50. Should your chosen number match the ones selected by the system, you will automatically become the winner of the jackpot prize. This is one major benefit of online lotteries: there are several stories about people who have lost physical tickets that are worth millions of dollars and thus left their prizes unclaimed.
The system will usually also make payouts to players based on the amount of numbers they guessed correctly, down to 3 or even 2 numbers in some cases.
Each Bitcoin lottery platform has its own rules regarding the amount of numbers you need to guess correctly before you will be entitled to some sort of reward.
This is one of the reasons why you should carefully read the terms and conditions of your preferred Bitcoin lottery site before purchasing a ticket.
Pros and Cons of Bitcoin Lottery
Pros of Bitcoin Lottery
- Instant payment of winnings
- No lost physical tickets
- Lower transaction fees
- As long as online gambling is permitted in your teritorry, you can play from the comfort of your home.
- The value of your winnings may increase if the price of Bitcoin spikes.
Cons of Bitcoin Lottery
- Lottery outcomes may be manipulated by bookies that do not use a Provably Fair system
- Entering the wrong BTC or crypto address to receive your winnings will lead to someone else receiving your prize, so type carefully!
- The value of your winnings may decrease if the price of Bitcoin falls.
5 Best Bitcoin Lottery Casinos
FortuneJack Bitcoin Casino
FortuneJack is a veteran Bitcoin casino that started as a casino-only platform in 2014 but has added other forms of gambling over the years.
The platform now offers lottery, casino games, a sportsbook & esports gambling and more.
Although FortuneJack does not have traditional lottery game formats like some other betting sites, it does offer Keno-style lotteries.
In Keno lotteries, the bookie uses a fixed-odds format, which is quite different from the pool system that rewards players based on the number of tickets sold.
FortuneJack is considered one of the most reliable Bitcoin Lottery websites currently in existence. It also supports other forms of cryptocurrencies, such as Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Tron (TRX), etc.
The Betcoin casino has stood the test of time for more than seven years (a long time in this business field). The casino allows players to wager on several types of games, including lottery, casino and sports.
There is never a dull moment when using Betcoin for your lottery games as the casino has partnered with top-notch software gaming providers like Ezugi and Caleta firms to give you the most attractive and enjoyable lottery experience possible.
At the time of writing, the following lottery games are available on Betcoin.ag: Ezugi Live Casino Lottery Lobby, Lottery Lobby, Lucky 7 and Atomico Lotto.
You can play the live lottery every day without restrictions, with each edition having its own unique serial numbers that will be used to settle the bets.
On 1xBit, players who want to participate in Bitcoin lottery games can purchase lottery tickets for daily draws using BTC.
You can buy an unlimited number of lottery tickets to increase your chances of winning.
Players who are not successful in the daily draws have their tickets entered into the weekly draw, while those who fail to win in the weekly draw will be added to 1xBit’s monthly draw. This is a great bonus that can boost your chances of winning something.
Unlike several casino providers that do not have mobile applications, 1xBit has broken the jinx that has been in existence in the online casino industry for years by releasing a functioning app that allows users to play the lottery and other games with greater convenience.
Other standout features of 1xBit include support for 25 cryptocurrencies, 24/7 customer support and no geographical location restrictions.
8bet.io is another top-notch bookie that offers Bitcoin lottery games. Aside from the lottery, 8bet also offers other forms of casino games such as slots and scratch card games.
The casino currently offers three Bitcoin lottery games: People’s One, Revolution Lotto and Free Crypto Lotto.
Despite listing three types of lottery, 8bet’s main game remains People’s One, where players can buy tickets with just 0.20mBTC.
The lottery runs daily and players are declared winners when they successfully match at least two numbers out of the six drawn each day.
The rewards increase based on the amount of numbers matched. If there is no winner for the day, the jackpot rolls over to the next day.
Although the winnings for matching two numbers are relatively small, this lowers the risk level overall by making it more likely that you will at least win something.
The lottery games on 8bet are Provably Fair so you have no reason to doubt the outcome as it can be easily verified on the blockchain.
Another great platform that offers Bitcoin lottery games is DuckDice.io. The lottery is held every Monday at 15:00 UTC and players are not restricted with the number of tickets they can purchase.
To qualify for the week’s lottery you’ll need to purchase your ticket no later than 14:50 UTC on the day of the draw.
The rewards for number matches are as follows:
- Players who match three numbers are rewarded with $1 plus a free lottery ticket.
- Matching four numbers gives you $20 plus 20 tickets.
- Matching five numbers gets you a reward of $3,000 with an additional 100 tickets
- When you match all six numbers you get a whopping reward of $100,000 worth of Bitcoin.
DuckDice lottery also utilizes Provably Fair gaming, eliminating fraudulent practices by making traceable results on the blockchain.
Things to Consider Before Playing Bitcoin Lottery
Since winning numbers are usually generated by the platform, your chosen bookie needs to be one that you can trust to provide genuine winning numbers.
We advise you to research a platform before playing to find out what existing users are saying about the bookie’s reputation and how quickly it pays out rewards to winners.
The importance of security on an online platform cannot be overstated. You’d do well to select a bookie that takes its security seriously.
In most cases, your funds will be stored on the platform you play on until you choose to transfer them to an external wallet.
If the platform is not equipped with the right security tools and protocols, hackers may be able to access the funds and move them to an e-wallet of their choice without your authorization.
Storing Your BTC
You need to come up with a suitable plan for how you intend to store your winnings. Everyone now knows how valuable BTC is, meaning keeping it safe is serious business.
You may want to consider moving your winnings off the platform as soon as you record any significant successes.
Whether you choose to store your winnings in a cold or hot wallet, you should take advantage of all the available security measures offered by your wallet provider to keep your funds safe.
Where to Store Your Lottery Winnings.
Having proper storage for your Bitcoin is an important consideration as any carelessness could result in the loss of funds.
A BTC lottery game can turn an average person into an overnight millionaire.
If that happens, or even if you only win a more modest amount, your winnings need to be stored in the most secure wallet available. Here are some of our top choices when it comes to wallet providers:
- Ledger Nano S
- Ledger Nano X
- Trezor One
- Trust Wallet
Frequently Asked Questions (FAQ)
How do I know if an online Bitcoin lottery is fair?
Unfortunately, there is no one size fits all answer. The best way to be sure that the outcome of the lottery is fair is to only play with casinos that offer Provably Fair gaming.
If that is not possible or convenient for you, you can find out what other users are saying about their chosen Bitcoin lottery website to know whether people are really winning on the platform or not.
If all the reviews are filled with negative comments, then there is a high likelihood that the lottery outcome is being manipulated in favor of the bookie.
Online lottery games, just like physical forms of lottery, require a lot of luck. If you do not win anything on your first few attempts, you should not necessarily conclude that the platform is unfair. Instead, conduct due diligence to understand what existing players are saying about the platform.
Where can I buy BTC?
Since BTC is the preferred payment method on Bitcoin lottery websites, you will obviously need to buy some before you can play.
Buying BTC is very easy compared to how it was in the early days of cryptocurrencies. You can purchase Bitcoin from cryptocurrency exchanges like Binance, KuCoin, Coinbase, Gemini, etc. Bitcoin can also be acquired from peer-to-peer (P2P) platforms like LocalBitcoins.
Most Bitcoin lottery bookies have partnered with one or more crypto merchants to enable players to conveniently purchase BTC directly on the platform without having to source the coin from external vendors.
What is the minimum Bitcoin deposit for online lotteries?
Each platform sets its own minimum required amounts of BTC that players are expected to deposit before playing. While most Bitcoin Lotteries do not have a minimum deposit amount, there are a few that do.
However, the minimum deposit for platforms that have it as a requirement is usually relatively low and almost anyone can afford to meet the requirement without much hassle. If you can’t, you probably shouldn’t be gambling at this point in time.
How much can I win playing Bitcoin lottery games?
This depends on the prize pool on the site you’re playing on. The bookie usually pools the ticket sales of all players together and the amount that is distributed to the winning players is based on this number.
The highest percentage of the pool is given to the player with the closest match, usually someone that correctly guesses all six numbers for that draw.